ebay has grown to be among the leading online markets in the world. It generates billions of dollars in transactions every year, with millions of users visiting from every point on earth. A lot of individuals have found their niche as well simply using eBay. You can start your own eBay business without requiring a big capital. Here are some tips to start.
Registering
To become an eBay seller, you only need a few minutes of your time. You will be asked for your complete name, address, contact number and email address. Your checking account information and credit card number will also be required to confirm your identity. eBay wants to ensure that all transactions are as honest and credible as possible.
You have to register your planned business with local tax, state and federal authorities since you are retailing. You may also form an LLC or corporation for legal liability protection. You may consider opening a PayPal account wherein buyers can pay for items through credit cards or debiting checking accounts.
Selling Products
You have to pick the right product if you want to generate income. Find something that you are interested in, have a lot of knowledge on and enjoy selling. You will greatly decrease your risk if you already have a number of people in mind who can refer your online retailing business. Stay away from products that you have no concern about. Other products may be harder to sell online. You have to store your products carefully too to avoid spoilage and maintain the good quality of everything for a long time.
Consider the right price that will appeal to your customers. You have to be aware that there are thousands of other merchandisers and sellers that sell the same products at very competitive costs. Research the items and related things that have successfully been sold on eBay then start making your inventory. Presentation is important to some buyers so you have to make sure that shipping and delivery will keep the item safe and good looking.
The Auction
It is vital that you take clear and presentable photos of your products that will appeal the most to customers. You then post the item then set a starting price and closing time. Closing time can vary anywhere from 3 days to several weeks. You are obliged to sell to the highest bidder. Further transactions may be made depending on your preference such as email, instant chat, telephone, etc.
You should also post rules and regulations about bidding, as well as the terms of payment. In some cases, you may set a reserve price, which is the hidden minimum price equivalent to the lowest amount that you will take for the product. If the reserve price is not reached by potential buyers, you are not obliged to sell. You can post two or identical items in the same auction or category.
There are features that allow bidders to immediately buy your products at a set price. Always keep an eye on the auction and be on the lookout for unscrupulous individuals who continually bid ridiculously. You may report these to the authorities or moderators to prevent scams. Customer service is very important too if you want to create loyal customers. Learn how the market is evolving then respond accordingly.
